Fotowatio Renewable Ventures has been awarded a 300 MW solar project in the second electricity market auction, conducted by the National Energy Control Center (CENACE) of Mexico. With this agreement, FRV extends its global footprint into the Mexican market at very a competitive rate of US$ 26.99/MWh.
The construction of the plant will begin in mid-2018 and will become operational in mid-2019, and will create approximately 250 local jobs as part of the construction phase and a further 20 jobs during operations. The plant will also generate enough green electricity to supply approximately 76,100 homes, while reducing greenhouse gas emissions by approximately 97.7 million tons of CO2.
Mexico has set a target to generate 35% of its electricity from renewable energy sources by 2024, making it a strategic market for FRV and attracting a number of international investors. Through this round of auctions, México plans to build more than 15,000 MW of new installed capacity of renewable energy.
FRV has had presence in Latin America since 2013. In July 2015, FRV´s ‘La Jacinta’ solar plant commenced operations, making Uruguay home to one of the largest solar photovoltaics (PV) projects in Latin America.